Churchill Downs Incorporated (CDI) has announced an agreement to purchase the Preakness Stakes for $85 million, a move that unites two of the three prestigious races in American horse racing's Triple Crown under one ownership group. The acquisition, which is set to close after next month's Preakness, will bring together the Kentucky Derby—held annually at Churchill Downs in Louisville—and the Preakness, traditionally staged two weeks later at Pimlico in Baltimore, Maryland. According to the outline released by CDI, Maryland will continue to host the Preakness, and CDI will lease back the rights to the race to the state of Maryland for an annual fee, allowing the event to remain at Pimlico or another state-selected track during ongoing renovations [1].
The deal also includes the Black-Eyed Susan Stakes, a race for fillies held on the eve of the Preakness. CDI CEO Bill Carstanjen stated that the acquisition is consistent with the company's strategy of investing in premier Thoroughbred racing assets with long-term growth potential. He emphasized CDI's commitment to supporting the redevelopment of Pimlico and enhancing the Preakness Stakes within the broader sports and entertainment landscape [1].
Belinda Stronach, chairman and CEO of 1/ST (the seller), described the agreement as a significant step toward the longevity and growth of the American Triple Crown. She noted that the sale marks the end of 1/ST's thoroughbred racing chapter in Maryland, with the company now focusing on its California and Florida properties. Stronach also expressed support for a strong and sustainable future for the sport [1].
The 151st Preakness is scheduled for May 16 at Laurel Park, a temporary venue south of Baltimore, while Pimlico undergoes renovations. The Kentucky Derby will launch the 2026 Triple Crown season next week, and the Belmont Stakes will conclude the series on June 6 at Saratoga, as Belmont Park is also under construction [1].
CONCLUSION
Churchill Downs Incorporated's $85 million acquisition of the Preakness Stakes consolidates two of the Triple Crown's marquee events under one owner, signaling a strategic investment in the future of American horse racing. The deal is expected to enhance the prominence and sustainability of the Triple Crown series, with ongoing commitments to venue redevelopment and industry growth.